Chinese electric vehicle start-up Nio files for US IPO

17 August, 2018, 04:59 | Author: Regina Silva
  • Nio's IPO could help position it to become a rival to Tesla in the growing Chinese market for electric cars

NIO, the electric-vehicle (EV) maker backed by technology giant Tencent Holdings, of which Naspers owns just more than 30%, filed for a $1.8bn initial public offering (IPO), becoming the first Chinese auto maker to seek a listing in the United States as it gears up to compete with the likes of Tesla. Ltd and Kandi Technologies Group, are listed in the U.S., Nio's IPO would dwarf their presence on the stock exchange.

The Shanghai-based company used a placeholder amount of $1.8B in the offering filing.

As Elon Musk's plan to take Tesla private continues to dominate the news, Chinese electric-car startup Nio is planning to go public.

The Chinese company's move to sell shares in the U.S. comes at a time when Musk is busy setting up a gigafactory in Shanghai to tap a market where the government is promoting new-energy vehicles with incentives to buyers. Nio chiefs hope the figures will even out as it delivers more ES8s to customers, although rival electric brand Tesla has proven that achieving this is easier said than done.

The Chinese auto maker in late June began making deliveries of its first mass-produced electric vehicle, the ES8, after unveiling the $67,000 seven-seat SUV a year ago. The vehicle comes with a price tag of 448,000 yuan (US$65,000, RM266,290) before incentives.

Every Indian can be proud of manned space mission: ISRO chief
The mission, first proposed almost a decade ago, would cost the famously frugal space agency less than £1.1bn, he added. The plan is to launch the rocket from a site at Sriharikota, located in the southern Indian state of Andhra Pradesh .


Aretha Franklin dead: Queen of Soul passes away at age 76
But in 2013 when Bey was criticised for lip-syncing at President Obama's inauguration, Franklin came to the singer's defence. Her family had told media in her hometown of Detroit this month that she was gravely ill and asked for prayers.


Ghazni attack: 70 policemen killed in Afghanistan's provincial capital
The Taliban are going from house to house to find government officials or their relatives to kill", said one resident, Sayed Zia. But in others "the Taliban have positioned their fighters in high buildings shooting at security forces from there", he added.


While other Chinese automakers, such as Great Wall Motor Co.

BY 2040, more than half of global new vehicle sales and a third of the planet's automobile fleet will be electric.

The company issued its filing to the US Securities and Exchange Commission on August 13. Li will retain voting rights to the stock while NIO users will discuss and propose how to use "economic benefits from these shares, through certain mechanisms to be implemented in the future", he said.

Last November, the company, whose investors also include Hillhouse Capital Group and Sequoia Capital, raised more than $1 billion in its latest fundraising round, led by existing investor Tencent, valuing the firm at about $5 billion.

"NIO is just getting started early", said Yale Zhang, head of Shanghai-based consultancy Automotive Foresight of its IPO plans.

Recommended:

  • LG to supply 5G smartphone to USA  carrier Sprint in 2019

    LG to supply 5G smartphone to USA carrier Sprint in 2019

    Today's announcement brings us one step closer to putting a beautifully-designed advanced 5G smartphone in our customer's hands. LG has done tremendous work developing technical designs that enable us to be among the first movers in 5G mobile.
    Trump asks if firing means end to Russian Federation  probe

    Trump asks if firing means end to Russian Federation probe

    Strzok repeatedly insisted the texts, including ones in which he called Trump a "disaster", did not reflect political bias and had not infected his work.
    China printing currencies for countries like Nepal, Lanka and Bdesh

    China printing currencies for countries like Nepal, Lanka and Bdesh

    In the last 24 hours, rumor mills were abuzz with reports that Indian currencies has been printed in China . Many countries such as Denmark prefer to outsource the printing of their currency due to the cost involved.
  • Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors

    Turkey lira CRISIS: Erdogan government holds MONSTER conference call with 6,000 investors

    Last week, Washington doubled steel and aluminum tariffs on Turkey over its continued detention of the USA pastor Andrew Brunson . President Erdogan has accused the United States of trying to "bring Turkey to its knees through threats over a pastor".
    Aurora woman diagnosed with West Nile virus, health officials say

    Aurora woman diagnosed with West Nile virus, health officials say

    Public Health Ontario (PHO) has found West Nile virus in 65 batches of mosquitoes collected across the province so far this year. A 62-year-old man has contracted West Nile Virus, making him the first human case in Merced County this year, authorities said.
    Legendary singer Aretha Franklin has died

    Legendary singer Aretha Franklin has died

    Franklin appeared on the cover of TIME in 1968, with a story that commended the "fierce, gritty conviction" of her voice. Her music is legendary. "And she just sounds so damn good". "We have lost the matriarch and rock of our family".
  • Saudi Arabia makes trading Bitcoin illegal

    Saudi Arabia makes trading Bitcoin illegal

    The supreme decree has the committee looking into any investments in forex and cryptocurrency and reporting them to the authorities.
    Astronomers prepare for Earth to 'plow' into fiery meteor shower

    Astronomers prepare for Earth to 'plow' into fiery meteor shower

    Brilliant displays of Perseid meteors lit up the heavens this past weekend as the annual Perseid meteor shower reached its peak. However, unlike last night, most areas in the county are due to have clear skies.
    James Gunn Not Rehired for Guardians of the Galaxy Vol. 3

    James Gunn Not Rehired for Guardians of the Galaxy Vol. 3

    Marvel president Kevin Feige was traveling on Tuesday when the meeting was held, according to sources, so he wasn't able to join. That said, there is still no confirmation from Disney regarding the script, and with no director attached, much could change.
  • Sara Ali Khan makes her Instagram debut

    Sara Ali Khan makes her Instagram debut

    Bollywood actor Saif Ali Khan's attractive daughter Sara Ali Khan has made her Instagram debut on Independence Day 2018. Sara is debuting in Bollywood this year with Kedarnath and Simmba , her second film, releases in December.
    NY University offers free tuition for all medical students

    NY University offers free tuition for all medical students

    The medical school said it is the first top 10-ranked medical school to provide full scholarships regardless of need or merit. Grossman said covering tuition for all students was at the forefront of his goals when he became dean about 12 years ago.

    At least 76 people overdose on K2 in New Haven, Connecticut

    Emergency responders spent several hours today working to treat the victims and transport them to the hospital. At the height of the situation, emergency crews were sprinting across the 16-acre park from victim to victim.


Popular

Yash Chopra directs Atal Bihari Vajpayee for a video
He said that the former prime minister was an inspiration to him and that his death was a huge loss to the nation. Shri #AtalBihariVajpayee ji's contributions to our nation have been innumerable.

In 7 hours Chelsea midfielder Loftus-Cheek
The arrival of Mateo Kovacic as part of the deal which took Thibaut Courtois to Real Madrid added another obstacle to his path. Meyer, also 22, left the club and joined Crystal Palace, hoping to prove himself in the Premier League.

#RIPArethaFranklin: Who was the Queen of Soul? Timeline of her life
Rhythm and blues singer Aretha Franklin performs at the inaugural gala for President Clinton in Washington on January 19, 1993. Stevie Wonder visited Franklin in her home this week while she was in hospice care. "A national treasure to everyone".

Marlins hit Ronald Acuna to spark fight in first inning
Acuña became only the fourth player in major league history to hit leadoff homers in both games of a doubleheader Monday. Acuna had hit leadoff homers in his three previous games, all against the Marlins, including a doubleheader Monday.

ASX set for sharp falls as China, Turkey worries hit global sharemarkets
The single currency stood little changed at $1.1347, not far from a 13-month trough of $1.1330 brushed overnight. Ankara retaliated on Wednesday by doubling tariffs on some USA imports including cars, alcohol and tobacco.

Billionaire Musk proposes tunnel to Dodger Stadium
The company is now working on an Environmental Impact Report (EIR), as required by the City of Los Angeles. The Boring Co. said construction would not affect Metro stations or lead to any road closures.

MI places 21 hospitals on U.S
News, which has been compiling the list for 29 years, said it put more emphasis this year on patient outcomes and experiences. News & World Report recently changed its methodology making it much more hard to achieve a rank in "High Performing" banners.

La Liga announces plans to play regular season games
He added that the focus was to play the first regular season La Liga match in the U.S. "as soon as possible", either this season or next.

US Newspapers Hit Back At Donald Trump Over 'Fake News' Claims
US President Donald Trump has tweeted that the " fake news media" is the "opposition party", while calling it "very bad" for the US.

Arsenal's Petr Cech backed to keep No. 1 spot by Unai Emery
The moment displayed on the video happened during the weekend match between Arsenal and Manchester City , which finished 0-2 to the visitors.